Alert update 7th January 2010: Need to 'ignore' this counter for a while - let the dust settled.. Reason: Flash Petra Perdana gets notice for EGM to remove 4 directors. Read the news

I have small position on Petra - getting out today. It's 'funny' this counter gaining a lot today (intraday - morning session). A tussle within a company normally not exactly a bullish news. It need time to settle down. It will still gaining for a while anyway for the reason that to remove the directors the voters need to get more shares for voting power. I am not holding to it.

I have been looking into some of oil and gas stocks such as KNM, Waseong, Petrona Gas, Kencana, Sapcres and Kencana. Chartwise, beside Kencana and Sapcres , I think Petra Perdana is the most interesting one.

I believe a new immediate bullish Elliot Wave sequence already emerged. See Petra weekly chart below: (click to enlarge)
Since the counter already went and just rebounded in two days, I prefer the trend to be tested first. Let the current up-trend end and wait for correction. It shoudn't go down below 1.20 (the final support is 1.12). If not, it fail. Need to wait correction for final buy set-up. It can be very soon because the target/resistance for now is just 1.65 .

Below : Petra Perdana Daily chart (click to enlarge)

Since there some news and events this month on Petra, I think the test is a MUST. If passed then the reward over risk is very great

Alert update 7th January 2010: Need to 'ignore' this counter for a while - let the dust settled.. Reason: Flash Petra Perdana gets notice for EGM to remove 4 directors. Read the news

I have small position on Petra - getting out today. It's 'funny' this counter gaining a lot today (intraday - morning session). A tussle within a company normally not exactly a bullish news. It need time to settle down. It will still gaining for a while anyway for the reason that to remove the directors the voters need to get more shares for voting power. I am not holding to it.

I have been looking into some of oil and gas stocks such as KNM, Waseong, Petrona Gas, Kencana, Sapcres and Kencana. Chartwise, beside Kencana and Sapcres , I think Petra Perdana is the most interesting one.

I believe a new immediate bullish Elliot Wave sequence already emerged. See Petra weekly chart below: (click to enlarge)
Since the counter already went and just rebounded in two days, I prefer the trend to be tested first. Let the current up-trend end and wait for correction. It shoudn't go down below 1.20 (the final support is 1.12). If not, it fail. Need to wait correction for final buy set-up. It can be very soon because the target/resistance for now is just 1.65 .

Below : Petra Perdana Daily chart (click to enlarge)

Since there some news and events this month on Petra, I think the test is a MUST. If passed then the reward over risk is very great